Ribbit Capital closes USD100m venture capital fund

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Ribbit Capital, a new Silicon Valley-based venture capital firm led by serial entrepreneur Meyer “Micky” Malka, has raised USD100m in venture funding that will be aimed at driving innovation around the world in lending, payments, insurance, accounting, tax preparation and personal financial management.

Ribbit targets disruptive, early-stage companies that leverage technology to reimagine and reinvent what financial services can be for people and businesses.

“Banks have proven to be difficult environments for innovation to flourish, resulting in an antiquated financial services industry that remains relatively untouched by the technology-driven evolution transforming other markets ranging from social media sharing to professional enterprise services,” says Malka. “The technology to unlock this innovation is in place, and there are entrepreneurs around the world with groundbreaking ideas that have the potential to turn this industry on its head. What’s lacking is the investment, will and expertise to develop and make them reality. It is going to require focused investment to ignite this change, and Ribbit is here to answer the call.”

Ribbit provides global entrepreneurs with both the financial and intellectual resources to help them scale their businesses, accelerate growth and navigate the inherent challenges in the complex and nuanced financial services industry. The firm has already made four investments across several key industry categories, including:

• borro: The fastest-growing personal asset lender worldwide, borro provides “spot financing” to millions of high-net-worth individuals who want no-delay liquidity for their fine arts, antiques, vintage cars and jewelry. Based in the UK and recently expanded to the US, borro is a creating a new “asset economy” by lending as much as USD1m per loan, with speed, efficiency and privacy.

• Fuze Network: A US-based payments technology company that provides merchants and billers with radically simpler options for their customers to find and make payments at over 17,000 banks and 100,000 retail locations nationwide. The company’s proprietary application programming interface (API) breaks down the decades-old wall between cash and credit cards, allowing consumers and businesses to push money to any card.

• ContaAzul: A provider of easy-to-use SaaS accounting and invoicing solutions to SMBs in Brazil, the world’s fastest-growing small business market. Since its founding in 2011, ContaAzul has helped thousands of customers save time and focus their efforts and resources on growing their businesses.

• Capital Access Networks (CAN): The US’s largest non-bank lender to small businesses, CAN is redefining small business owners’ ability to access the funding they need to manage and grow their businesses. CAN has provided small businesses access to USD2.5bn in working capital through its subsidiaries CapTap, NewLogic Business Loans and AdvanceMe.

“I believe there are huge market opportunities in the financial services industry, but, as an entrepreneur, have witnessed the difficulties of raising capital in this sector,” Malka says. “Ribbit strives not only to disrupt existing financial services, but to create significant value in an industry that has been otherwise untouched by an entire generation of technology and the thinking that drives it while promoting economic growth and global development.”